Question
West Corporation reports the following results for the current year: gross profit on sales $160000 short term capital loss $30000 dividend from a 15% owned
West Corporation reports the following results for the current year:
gross profit on sales $160000
short term capital loss $30000
dividend from a 15% owned domestic corporation $50000
operating expenses $80000
charitable contribution from current year $9000
charitable contribution carryover from prior year $12000
A) what is West taxable income and its components?? including charitable contribution deduction and dividend received deduction.
B) what carrybacks and carryovers (if any) are available, what years did they come from and to what years must they be carried?
Note: West does not make any special elections regarding the CARES Act.
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